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The Cosmens would have to find more than £70m to take up their rights in full. While they insist they have the money, they are reluctant to back a cash-call that they believe neither addresses the strategy or financing requirements of a group nursing £1.1bn net debts.

The deadline for proxy votes is Wednesday morning and Tuesday night one company source said: "We have been told that no major institution is voting against the issue."

National Express shares fell 17.1 to 345p as analysts suggested the rights issue was likely to succeed and the Cosmens would fail in their attempt to drum up another bid for the company.

Questions were also raised over whether Transport Secretary Lord Adonis would carry out his threat to strip National Express of its C2C franchise after the Government published a timetable to let it to a new bidder on the expiry of the current franchise in May 2011.